Property

In Sin­ga­pore, the Group’s 40 per cent owned Mead­ows Bright Devel­op­ment Pte Ltd (Mead­ows Bright) heads its prop­erty devel­op­ments. In 2012, Mead­ows Bright, through its 50 per cent owned asso­ciate, Bukit Timah Green Pte ltd, suc­cess­fully ten­dered for and was awarded a site for res­i­den­tial devel­op­ment along Dairy Farm Road. The site will be used to develop a con­do­minium project – “Sky­woods”, con­sist­ing of approx­i­mately 420 units. The project is planned for launch in August 2013 and is expected to be com­pleted by 2016.

Another ongo­ing project under­taken by Mead­ows Bright is “The Starlight Suites”, a 35-​storey block com­pris­ing 105 free­hold apart­ments located at River Val­ley Close. It was offi­cially launched in August 2010 and is sched­uled to be com­pleted by mid-​2014. More than 55 per cent of the units have been sold as of May 2013.

In China, the Group’s 36.6 per cent owned Dalian Shicheng Prop­erty Devel­op­ment Co., Ltd which was set up in 2004, spear­head its prop­erty devel­op­ments. Cur­rently, it has a multi-​phased mixed devel­op­ment at LuShunKou Dis­trict in Dalian with a land area of approx­i­mately 240,000 squares metres. The first six phases had been launched and were warmly received and the major­ity of units have been sold. It has since com­menced the launch of phase 7 of the devel­op­ment, which con­sists of res­i­den­tial as well as shop front units. Depend­ing on the local mar­ket con­di­tions, phase 7 will be pro­gres­sively launched into the mar­ket. Two more phases, com­pris­ing of com­mer­cial areas, are left for this development.

In Thai­land, the Group is also mak­ing its pres­ence into the real estate land­scape through its asso­ciate com­pany, SI Prop­erty Co., Ltd. This com­pany owns and oper­ates 17,308 square metres of office and com­mer­cial build­ing in Lib­erty Plaza, which is located on Soi Thon­glor (Sukhumvit 55) in Bangkok.